Articles Tagged with Equity Services

Stoltmann Law Offices is investigating David Gray, a former investment adviser with Cambridge Investment Research. Gray was accused of stealing money from an elderly customer, and he recently pled guilty to theft from an at-risk victim (which means either an elderly or disabled victim.) After he was investigated by the Securities and Exchange Commission (SEC) Gray was sentenced to eight years in prison and ordered to pay restitution of $263,418. If you or someone you know lost money with David Gray, please call our securities law offices in Chicago to speak to an attorney about your options. You may be able to sue Cambridge in the Financial Industry Regulatory Authority (FINRA) forum for not reasonably supervising Gray and allowing him to make transgressions against his customers. We sue firms such as Cambridge on a contingency fee basis in order to recover losses. Please call today. The call is free with no obligation. 312-332-4200.

Gray was registered with The Stuart-James Company, Inernational Securities Group, Sprung and Wise Securities, R A F Financial Corp, Dean Witter Reynolds, Hanifen, Imhoff Securities Corp, Jesup & Lamont, BC Christopher Securities, Neidiger, Tucker, Bruner Inc., Barringer Ryan Vance, Equity Services, BMA Financial, Nathan & Lewis Securities, Cambridge Investment Research in Greenwood Village, Colorado from September 1999 until August 2013 and Ridgeway & Conger. He is not currently registered with any firm. He has one customer dispute against him and one criminal disposition. He is not licensed within the industry and the SEC barred him from acting as a broker and investment adviser, or otherwise associating with firms that sell securities or provide investment advice to the public.

Stoltmann Law Offices is investigating Dennis Hayes, a broker with Newbridge Securities Corporation. Hayes allegedly recommended unsuitable transactions. The claimant alleged approximately $750,000 in damages. According to her statement of claim, the client divorced her husband in 2012, after which she had $1,500,000 in assets of which $500,000 was non-qualified money and about $1 million was qualified IRA funds. The client explained to Hayes that she wanted to protect her assets while having returns to meet her immediate income needs. After transferring her funds, Hayes solicited her to invest in a gold fund called USA Gold. Hayes recommended $300,000 in USA Gold through a self-directed IRA account. USA Gold appears to be an unregistered securities offering and most likely an investment scam. Newbridge Securities failed to properly investigate Hayes for his involvement in the unregistered offering. Hayes continues to work at Newbridge, therefore, putting other clients at risk. The claimant also allegedly complained to Gene Robert Abrams, Newbridge’s General Counsel and Co-Chief Compliance Officer, that Hayes was involved in private securities transactions. This is despite multiple sources claiming and proving that Hayes was, and most likely continues to be, involved in fraudulent private securities transactions.

Other risky assets the claimant was invested in included, non-traded real estate investment trusts (REITs) such as American Realty Capital Hospitality REIT, Carter Validus Mission Critical REIT, Griffen Capital Essential Asset REIT, and Business Development Corporation of America, as well as Shopoff Land Fund IV and RCS Capital Corporation (RCAP). All of these securities and REITs are risky, unsuitable investments, that were not along the lines of the claimant’s wishes and investment objectives. A broker must take into account his client’s age, net worth, risk objectives, investment savvy and portfolio before recommending an investment, and, if he does not, his firm can be liable for investment losses by being sued in the FINRA arbitration forum on a contingency fee basis.

According to his BrokerCheck report, Hayes was registered with AAL Capital Management Corp, Veravest Investments, Equity Services, MML Investors Services, Capital Investment Group, NFP Securities and is still registered with Newbridge in Boca Raton, Florida and has been since February 2010. He has two customer disputes against him, one of which is currently pending. Please call us today if you have investments with Dennis Hayes. We may be able to help you recover your investment losses. The call is free with no obligation.

Richard Hawkes, a former Valic Financial Advisors broker in California, is not currently licensed to act as a broker or an investment adviser. He was terminated from both Valic Financial Advisors and E*Trade Securities. Hawkes was discharged for “selling away,” which means he sold an investment product not offered or sold by his member firm. This is against securities rules and regulations and is a tactic used by brokers to make large commissions for themselves, without having to share the money with their firm. Hawkes was accused of other securities violations as well.

Richard Hawkes was registered with Equity Services in Montpelier, Vermont from November 1985 until January 2001, WS Griffith Securities in Hartford, Connecticut from February 2001 until October 2001, Morgan Stanley in Purchase, New York from October 2011 until July 2002, Royal Alliance Associates in New York from August 2002 until April 2004, Worthmark Financial Services in St. Paul, Minnesota from April 2004 until December 2004, E*Trade Securities in New York from May 2005 until November 2005 and Valic Financial Advisors in Orange, California from April 2006 until May 2016. He has one customer dispute against him and he is not licensed within the industry. Please call our Chicago-based law firm today to speak to an attorney about your options of bringing an arbitration claim against Valic Financial Advisors. We may be able to help you recover your investment losses on a contingency fee basis.

Stoltmann Law Offices is investigating Joseph E. Hache, a former broker with Equity Services. He recently entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) in which he was fined $2,500 and suspended from the industry for 20 business days. According to his AWC, Hache allegedly engaged in outside business activities without providing written notice. He allegedly received $18,000 in aggregate compensation for assisting a friend with a tax preparation, and referred another friend to a lender. This is against securities rules and regulations. Hache was registered with Equity Services in New York, New York from August 2010 until September 2014. He is not licensed within the industry. His former firm, Equity Services, had a duty to reasonably supervise him while he was employed with them. Because they did not, they may be liable for financial losses you may have suffered because of Hache. Please call our securities law firm at 312-332-4200 to speak to an attorney for free. There is no obligation and we take cases on a contingency fee basis only.

Stoltmann Law Offices is interested in speaking to investors who lost money with Joshua Daniel Slaybaugh, who was formerly registered with Sandlapper Securities in Jupiter, Florida. Slaybaugh, while employed with Direct Capital Securities, allegedly breached his fiduciary duty, breached contract, acted negligently and engaged in common law fraud. This was in connection with the sale of tenant-in-common (TIC) properties.

According to his Financial Industry Regulatory Authority (FINRA) BrokerCheck report, Slaybaugh was associated with the following firms: IDS Life Insurance Company, America Express Financial Advisors, Directed Services, NMN Capital Corp, Equity Services, AFA Financial Group, Direct Capital Securities, Financial West Group, Private Asset Group, Regent Capital Group and Sandlapper Securities from March 2013 until May 2013. He has one customer dispute against him and is not currently registered with any FINRA member firm. If you would like to bring a claim against Joshua Daniel Slaybaugh, please call our securities law firm based in Chicago at 312-332-4200 for a free consultation with an attorney. You may be able to sue his former firm, Sandlapper, for failing to supervise him while he was employed with them.

The Financial Industry Regulatory Authority (FINRA) barred Paul Leon White from the securities industry in 2010 for allegedly recommending unsuitable real estate investment trust (REIT) investments to his customers. One of them was a non-profit animal shelter tenant-in-common (TIC) interest in undeveloped rural land that Mr. White had an interest in. He also recommended the shelter invest in non-traded REITs. He also had a complaint against him that alleged he recommended unsuitable investments to a customer from 2004 to 2009. He was terminated from his former firm, Equity Services, Inc. in 2003 for using unauthorized sales literature.

Mr. White was registered with Equity Services in Montpelier, Vermont, Berthel, Fisher & Co Financial Services in Marion, Iowa, Alternative Wealth Strategies in Melville, New York, Heritage Financial Systems in Melville and Halcyon Capital Markets in Meredith, New Hampshire. He has five customer disputes against him. He is not licensed as a broker and he was permanently barred from the industry. If you would like to find out how to sue Paul Leon White, and his former firm, for failing to supervise him, you may call us at 312-332-4200 to speak with one of our securities attorneys.

Stoltmann Law Offices is investigating Guy Madsen, a Signator Financial Services broker from Lindon, Utah. Madsen filed for Chapter 7 bankruptcy on July 30, 2014. There is a customer complaint currently pending against Guy Madsen. Allegedly, a former client of his is seeking $2 million in damages after Madsen made unsuitable recommendations to him regarding a real estate security investment. Mr. Madsen was registered with Equity Services in Orem, Utah from October 1998 until August 2007, Beneficial Investment Services, also in Orem, from July 2007 until August 2008, and Securian Financial Services from September 2008 until September 2011. He is currently registered with Signator Financial Services in East Center, Lindon, Utah and has been since September 2011. He has two customer disputes against him. If you would like to bring a lawsuit against Guy Madsen, please call our securities law office at 312-332-4200. We can help you recover any investment losses you may have with Mr. Madsen.

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